From http://yosef-ardi.blogspot.com/2006/05/sinar-mas-boost-shares-in-toll-road.html

Sinar Mas boost shares in toll road operator

Sinar Mas Group has been aggresively expanded its business in the last few years. After the banking business comeback last year with the acquisition of small bank PT Bank Shinta through PT Sinar Mas Multiartha, the listed financial sub-holding of Sinar Mas, early this month the group bought more shares in toll operator PT Citra Marga Nusaphala Persada (CMNP)--once controlled by former president Soeharto's daughter Siti Hardiyanti Rukmana (Mbak Tutut).

According to its report to Surabaya Stock Exchange recently, PT Sinar Mas Sekuritas---a wholly owned subsidiary of Multiartha had acquired 138 million shares of CMNP early this month to bring Sinar Mas ownership to 10.65%. No details about the transaction. Prior to the transaction, Sinar Mas Sekuritas had 3.74% shares in CMNP. But using the market price of Rp650 per share, total acquisition price could be around Rp90 billion.

With 10.65% shares, Sinar Mas already become the second largest shareholder in CMNP behind state-owned toll operator PT Jasa Marga (17.79%). Singapore-based investment companies---Hefferman International and Remington Gold---owns 7% and 5.3% respectively.

It is not clear whose shares that Sinar Mas had acquired as public investors hold the largest chunk of 64.29%.

CMNP has total assets of Rp1.68 trillion as of December 2005 with total revenue at Rp435 billion and net profit of Rp81 billion. Late last year, government awarded a consortium of CMNP, Bosowa Trading (owned by Aksa Mahmud, VP Jusuf Kalla's brother-in-law), and some state-owned enterprises the license to operate the toll road Depok-Antasari (Jakarta). CMNP-Bosowa Trading-Bakrie & Brothers (controlled by the family of former chief economic minister Aburizal Bakrie), also got the license for Cinere-Jagorawi toll road near Jakarta.

Sinar Mas Multiartha, meanwhile, recorded more than 100% asset growth in 2005 to Rp3.5 trillion. It's not clear whether Sinar Mas would go bigger than the 10.65% share in CMNP.
_________________________
Jawawa.net: Indonesian Business and Investment News Aggregator